Those who make fundamental mistakes need not be surprised that they trigger fundamental irritations. The ECB has just decided that in order to fight “inflation” it will stop buying government bonds and raise interest rates, and already it is being overtaken by reality. …
Central banks demonstrate their knowledge and their experience by having a clear judgement about economic developments and the causes of significant price increases, and they should also be able to communicate their judgement and its background effectively. A central bank that decides to raise interest rates and then has revise this decision a short time later because it was completely wrong in its assessment of the economy and/or prices loses credibility for a long time. …
Can there be a better business in this world? One claims to be a computer genius and to have understood that the currencies of this world issued by the states are unstable, inflation-prone and in general threatened with extinction because they are far too inflexible with their national limitations on the one hand and too centralistic on the other. …
One would think that “experts” who pretend to understand one thing particularly well and even recommend that thing to economic policymakers would at least be able to comprehend the logical basis of what they are saying. But this has not been the case for decades with the so-called supply theorists. …
